Posted on: 17th Feb, 2010 09:20 am
hi, my house was just foreclosed, and my mother in law bought a house under my husband and my name. can creditors go afer my new house? Will a quitclam deed protect my new home?
If the new property is in your name, then the lender has the rights to come after it if you are unable to pay off the deficient amount resulting from the foreclosure sale. If you sign a quit claim deed to transfer the property now, the lender may consider it as a fraud. So, it's better not to sign the deed now. Rather, you should pay off the deficient amount to the lender and save the new property from a lien.